Taking from the rich won’t solve financial crisis

We hear the way to get out of our national financial crisis is to take money from those greedy rich people. Never mind the top 10 percent of earners pay 70 percent of federal taxes, and the bottom 50 percent of earners don't pay any federal income tax. In fact, our Internal Revenue Service has become a redistribution service because some who pay no taxes get annual &quot;refunds.&quot; How can you refund money to someone who never paid?

September 28, 2011

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We hear the way to get out of our national financial crisis is to take money from those greedy rich people. Never mind the top 10 percent of earners pay 70 percent of federal taxes, and the bottom 50 percent of earners don’t pay any federal income tax. In fact, our Internal Revenue Service has become a redistribution service because some who pay no taxes get annual “refunds.” How can you refund money to someone who never paid?

The real problem with “get those rich people” is that they don’t have enough money. If our government just totally ignored the Constitution and confiscated every billionaire’s property (down to their gold teeth), it wouldn’t be enough. If you took everything from all of the 400 billionaires in the U.S.A., it would take in $1.3 trillion – that’s what the government borrows in 10 months. Then what? Then they come after the rest of us.

Paul Ryan is the bravest guy in Congress, and he has a plan to reduce the 2012 budget by $179 billion and save $6 trillion over 10 years. His 10-year budget would still increase $40 trillion. That still leaves us with a national debt bigger than we have today. It’s not enough. Our kids and grandkids will never be able to pay off the debt. The country will dissolve.

Someone in Washington, D.C. has to get serious on reducing spending or our kids will be slaves to the national debt.

Ben Bernanke and the fed are trying to devalue our dollar as fast as possible to ease the debt, but this is theft from our savings accounts. The founding fathers must be spinning in their graves.